PROPERTY DEVELOPMENT

Abovy is involved in the business of property development across Australia, but in particular in Western Australia. Abovy’s developments focus on developing residential long and short stay apartments using both modular and traditional building designs. Within this area of interest, Abovy is concerned primarily with two key business drivers :

The provision of “Low cost” apartments, typically in the sub $350,000 bracket.

The provision of what Abovy chooses to call ; “Downsizer” apartments for the over 55 year age group.

In relation to developing low cost apartments, Abovy is looking to develop land zoned for high density residential projects in and around the city of Perth, with the aim of providing developments of typically 8 to 12 units, usually in the 2×1 range, to service the more than 45,000 people on the low cost housing register in Western Australia* (Housing Department Statistics). In relation to the Downsizer market, Abovy is keen to work with investors in order to develop apartments for the over 55 year old demographic, in popular areas such as Albany in the South West of Western Australia, which is a popular retirement destination for people in this age bracket. Abovy has contracts in place with leading builders, architects and town planners in order to advance developments and in addition is a registered developer for the exciting plans that the State of Western Australia is putting forward for the development of the well renowned site of Middleton Beach, in the city of Albany. Abovy has excellent contacts in the international capital markets of the Middle East and China and would be happy to work on joint venture projects in and around Australia, with parties looking to develop sites that they own, along residential lines. The company will consider becoming involved in aspects of development related to tourism and hotels where we have many connections, but this segment does not form a significant business line for the company.